We analyze the difference between credit default swap (CDS) and syndicated loan spreads, defined as the “CDS-loan basis”. Our results indicate that the CDS-loan basis is greater when the cost of information asymmetry is higher, such as for riskier borrowers and in economic downturns. Our...

ABSTRACT The mixed results of previous empirical investigations on the relevance of firms’ reporting on sustainable development could be due to the absence of a theoretical paradigm able to capture the differences across countries. We apply the varieties of capitalism approach on a sample of...

The purpose of this work is to verify the existence of a relationship betwee stock price and publication of the company budget. The study considers a sample 131 listed European banks in the period 2002-2008. The results of empirical analysis (conducted using the value relevance analysi confirmed...

Purpose – This paper aims to test whether the publication of a social report provides information about the firm's market value. Its intention is to understand if investors believe the social report has a role equal to that traditionally attributed to accounting variables, i.e., whether the...